Penderyn Distillery: A Welsh Whisky Success Story

LONDON: Penderyn Distillery, a proud Welsh whisky producer, has been selling its unique product for two decades, exporting to markets worldwide. However, the journey hasn't always been smooth due to steep export tariffs in various countries.

UK's Entry into CPTPP: A New Era for Trade

This scenario is set to change as the United Kingdom officially joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15. Penderyn Distillery, along with many other businesses, will benefit from lower export tariffs in member nations.

Lower Tariffs: A Boon for British Whisky in Malaysia

One significant example is Malaysia, which will phase out its 80% tax on British whisky over the next few years. "Alcohol doesn't always cross boundaries very easily because there are always taxes, alcohol duties and all the rest of it that you have to consider... Those things can make exporting a bit more challenging," said Penderyn's CEO, Stephen Davies.

A Global Trade Bloc with a European Member

The UK's membership in CPTPP is notable as it is the only European member and the second-largest economy after Japan. Other members include Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

"The more we can reduce those barriers and the easier we can... trade... the better off we will be as an industry," Davies added.